Tokyo-listed firm Metaplanet (TSE: 3350) announced on September 10, 2025, that it will issue 385 million new shares to international investors, aiming to raise approximately ¥212.9 billion ($14.8 billion) primarily to fund its ongoing bitcoin accumulation program. Concurrently, Nakamoto Holdings, the bitcoin-focused subsidiary of Nasdaq-listed KindlyMD (NAKA), has committed to invest up to $30 million in the offering—its largest single investment to date and its first in an Asian public company pursuing a corporate bitcoin strategy.
Offering Details and Allocation
Metaplanet's board approved the international offering on August 27. The issue price is set at JPY 553 per share, with a paid-in amount of JPY 533.39 per share, bringing the aggregate issue price to JPY 212.905 billion and total paid-in proceeds to JPY 205.355 billion. The discount rate versus the September 9 reference price is 9.93%. Following issuance, total shares outstanding will rise from 755,974,340 to 1,140,974,340. Metaplanet stated that an estimated JPY 204.123 billion in net proceeds will be allocated in two parts: JPY 183.711 billion for bitcoin purchases between September and October 2025, and JPY 20.412 billion to its Bitcoin Income Generation Business—primarily options trading—through December 2025.
Bitcoin Holdings and Financial Performance
As of September 1, Metaplanet held 20,000 bitcoin with an approximate market value of JPY 322.0 billion. The company reported JPY 1.904 billion in sales revenue from its options activity in Q2 FY2025. Metaplanet aims to achieve full-year operating profitability. On September 1, shareholders authorized two classes of perpetual preferred shares to pioneer what the company calls Japan's bitcoin-backed fixed-income market, alongside common equity issuance, to optimize long-term accumulation while maintaining a scalable capital structure.
Nakamoto Holdings and KindlyMD's Strategy
KindlyMD Chairman and CEO David Bailey commented: “Metaplanet has established itself as a leader in Japan’s bitcoin landscape through its commitment to advancing financial innovation and driving the global adoption of bitcoin,” adding that the investment aligns with a strategy placing bitcoin at the center of institutional finance. KindlyMD characterized the move as part of a broader effort to expand bitcoin’s net asset value quickly via the offering. This announcement follows KindlyMD's completion of its merger with Nakamoto Holdings in August, forming a public bitcoin treasury strategy alongside its healthcare operations.
Macroeconomic Rationale
In outlining the rationale for the offering, Metaplanet cited Japan’s macro backdrop—elevated public debt, prolonged real negative interest rates, and yen depreciation—and reiterated a May 2024 policy shift designating bitcoin as its primary reserve asset to hedge currency risk and pursue long-term appreciation potential. The company said the capital raise is intended to insulate its treasury from yen weakness and to enhance corporate value over time. Metaplanet is listed on the TSE Standard market under code 3350 and also trades over the counter as MTPLF.